Mainnets are important in part because they provide a clear value of a cryptocurrency in a real-world implementation. Let’s check out what this is and how it works.
Mainnet in cryptocurrency provides an easy way of gauging a blockchain project’s success when prices are difficult to predict. It is an important technology feature that anyone looking to invest in an Initial Coin Offering should have a clear idea about, before putting any money to use.
Enroll Now: Free Blockchain Course
What Is a Mainnet In Cryptocurrency?
A mainnet is a blockchain that performs the functionality of transferring a digital currency from a sender to a recipient. Mainnet is simply the main network, whereby actual transactions take place on a distributed ledger. In contrast, a testnet is a test network whereby Decentralized applications and EDCCs get tested and developed.
Before investing in an Initial Coin Offering, it is vital for an investor to ensure a blockchain project has a mainnet. The sign of a mainnet or a testnet shows how serious a project is as the two features affect the price of a cryptocurrency in one way or another.
Mainnet in cryptocurrencies is the final product in blockchain projects that make it possible to send and receive digital currencies. Mainnets do undergo changes from time to time whenever project teams decide there is a need for updates or revision. More so, crypto based mainnet launches will have to include a wallet system.
Curious about how blockchain can work? Here’s an article to help you understand How blockchain works.
How Mainnet in Cryptocurrencies Affect Prices
Continuous upgrades and revision of the mainnet function is a must if a cryptocurrency project is to enjoy wide success in terms of rising prices. Bitcoin is one project that has enjoyed immense success in the sector, in part because of Mainnet upgrades.
The mainnet upgrade helped push the price of the cryptocurrency from below the $7000 mark to highs of $9,500 in the following weeks, after initially plummeting from highs of $10,600.
In March, the largest cryptocurrency by market cap launched Lightning Network, a mainnet in cryptocurrency feature that added a second layer on the blockchain. The Off-chain solution was a significant update intended to make BTC more scalable, thus allowing the blockchain to handle more transactions per second. More so, crypto based mainnet launches will have to include a wallet system to help the trading process.
Learn more about the different features of blockchain technology now!
Mainnet in Cryptocurrencies to Watch Out For
EOS Mainnet Launch
In reality, EOS was one of the most awaited blockchain projects seen as a fast, scalable, and efficient version of Ethereum. EOS is a blockchain platform for the development of decentralized applications. It is dubbed as an Ethereum killer. More so, because its underlying software provides accounts, authentication, cloud storage as well as databases and server hosting. The platform can also process millions of transactions per second.
Nuls is a blockchain project that for long has been dubbed as a sleeping giant. The project aims at creating a frictionless experience. More so, customers and businesses will be able to interact through multiple blockchains. Also, they can interact with programming languages and smart contracts. The project’s mainnet in cryptocurrency began testing in April.
VeChain project seeks to ensure seamless integration between the Internet of Things and blockchain. It’s in the race to build a trust-free and distributed ecosystem for the transparent flow of information. The VeChain Mainnet in cryptocurrency is slated for release on June 30th, 2018. After following the launch of a testnet on May 1st, 2018.
Ontology is an ambitious blockchain project that seeks to make blockchains accessible to businesses and consumers. The network is currently building a verifiable system whereby customers and businesses will interact with data, also, without facing the challenges of Sharding, oracles, and lightning.
The project aims to pull a mainnet in cryptocurrency barely three months after launch.
Ethereum Mainnet wants to offer the platform to help developers build decentralized applications. So, using the platform, the developers can create different types of dApps. In reality, it will accelerate the adoption of blockchain. They also offer a cryptocurrency called Ether. At present, there are many decentralized applications based on Ethereum, and it’s one of the superior mainnet on the market.
Mainnet in cryptocurrency provides a reliable and effective way of gauging the success of any emerging blockchain project. Such features act as proof that a blockchain project is being implemented and that the developer’s team is working on making it efficient and better. Mainnet also does affect the prices of cryptocurrencies both in the short term and long term.
If you are just a novice who wants to know more about blockchain technology, then we recommend starting with our free blockchain course.